Growing Like a Weed, One King’s Lane Raises $50 Million Series D

The company expects to hit $200 million in revenue this year.

The ecommerce company One Kings Lane has just raised a $50 million Series D, led by Institutional Ventures Partners and with participation from Kleiner Perkins, Greylock Partners, Tiger Global Management and Scripps Networks Interactive. While headquartered in San Francisco, the company has large New York office handling much of its merch and marketing.

The company certainly seems to be in a period of rapid growth. When Betabeat visited the New York outpost back in August, desks were crammed into every spare inch of space and contractors were already preparing the space next door for expansion.

The numbers are telling, as well: The company expects to hit $200 million in annualized revenue for 2012. The site pushes 3,000 new products to its 6 million members every day. A quarter of revenue every month comes from mobile sales, and 50 percent of traffic on Thanksgiving was mobile.

In a statement released today, CEO Doug Mack called the investment “further validation” of the company’s business model, adding, “this additional funding will allow us to continue to deliver the best online shopping experience in the home market.”

The round brings the company’s total raised to $117 million. According to the announcement, the new cash will go to “to deliver strong customer satisfaction, new member acquisition, superior merchandising and technology innovation, along with business model expansion.”

Betabeat is now the newly launched Innovation section of the Observer. All your favorite features and columns—as well as exciting new areas of tech coverage—can now be found at Observer.com/Innovation.

Don't miss the latest and best writing on technology and the future of business innovation. Add the Innovation section to your RSS feed and follow the Observer on Twitter and Facebook.